Tourism continues to boost Albania's economy

10 Qershor 2024, 14:09Economy TEMA

Tourism continues to boost Albania's economy

June 10, 2024 — Tourism is playing a significant role in Albania's economy, bringing in substantial revenue in the first quarter of 2024. Official data shows that the tourism sector generated about 788 million euros, a notable increase from the 624 million euros recorded in the same period last year.

Tourism contributes significantly to Albania's foreign exchange earnings, accounting for around 58% of the total. There has been a considerable increase in the number of tourists, both domestic and international, with foreign visitors spending approximately 521 million euros in the country.

The positive balance of payments from tourism services has risen to 267 million euros, up from 189 million euros last year. This growth is mainly due to the increase in tourist numbers, resulting in higher spending on tourism-related activities.

Other service sectors also showed positive earnings, totaling 111 million euros in the first quarter of 2024, a 22% increase from last year. The trade in services, including transportation and communication, also experienced a positive balance, reaching 629 million euros, up by about 12% from last year.

The continued growth in tourism and related services is expected, driven by Albania's growing popularity as a tourist destination. This sector's significant contribution to the country's economy highlights its importance in Albania's economic development.

 

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